(Image source: Nexar.)
Nexar, a Tel Aviv-based technology company building a global, open vehicle-to-vehicle network, has closed a $30 million round of financing led by Ibex Ventures, with participation from Alibaba Innovation Ventures, Nationwide Insurance and previous investors Aleph, Mosaic Ventures, Slow Ventures, True Ventures, and Tusk Ventures. The company, which describes its mission as providing consumers, insurance companies, and automakers with sophisticated safe driving tools that detect, record, and warn drivers of real-time road hazards, also announced the appointments of Yoad Shraybom, a former Disney executive, as Chief Financial Officer, and veteran technology executive Marc Gaffan as Chief Business Officer. Elan Zivotofsky will join Nexar’s board of directors.
Nexar reports that it will use the funding to further its mission of eliminating car crashes and expand its vehicle-to-vehicle (V2V) network by working with insurers, cities, and automakers. The company offers a free dashcam app connected to a V2V communication network that marries its deep learning and sensor fusion technology with off-the-shelf hardware to provide advanced driver-assistance systems (ADAS) and collision prevention alerts to drivers. Nexar also provides next-generation data products and telematics to insurance carriers, such as collision reconstruction and first notice of loss reports, which help expedite claims and prevent fraudulent claims. Nexar plans to develop products to help municipalities and states better manage infrastructure and traffic, and make roads safer through its data-powered insights.
“We work with insurance providers to help them improve their operating models by using our technology,” comments Eran Shir, CEO and co-founder, Nexar. “In the event of a collision, we can reconstruct the exact order of events, using the camera and sensors on a smartphone to record and analyze the relevant circumstances, such as weather, lighting conditions, and traffic flow to provide a contextual understanding of the event.”
Nexar’s reconstruction takes a matter of minutes, as compared with traditional methods that take hours if not days, meaning that insurance companies working with Nexar can simultaneously streamline processes, eliminate opportunities for fraudulent claims, and encourage safer driving as well, according to Shir.
Since Nexar’s app launched in 2016, drivers in 740 cities across 160 countries have driven more than 100 million miles on the network, with 10 million miles driven during the last month alone. After activating its vehicle-to-vehicle network in New York City later that year, Nexar saw a 30 percent reduction in collisions among its users. Nexar’s biggest markets are in New York City, San Francisco, Tel Aviv, and Las Vegas. In New York, Nexar reports that it is used by more than 10 percent of the city’s ride-sharing drivers and is able to provide a complete scan of each intersection in Manhattan every five minutes.
“Our primary goal has always been to use AI-based systems to make driving smarter and safer, and we’re enthusiastic about the progress we’ve made so far towards our goal of eliminating collisions on the roads,” adds Shir. “This new infusion of funding and the addition of Yoad and Marc to our team will allow us to continue to grow our network and create accessible, data-driven solutions to help make vehicle collisions a thing of the past.”
“By crowdsourcing real-world driving data from vehicles on the road in real-time, Nexar is keeping every vehicle safe on the road and is building the future traffic management system of our roads,” comments Elan Zivotofsky of Ibex Ventures. “Through the use of cutting-edge AI, Nexar has emerged as a leading player in the mobility space by transforming the way the insurance, automotive and transportation industries harness the power of road data. We are excited to be on board, and look forward to joining the Nexar team for this exciting journey.”